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is back, and the $13 billion bailout in cypress. they want to pay for it by taxing people's bank accounts. dagen: the president will announce his no , nominee for s secretary. another looks at a man's record over at the justice department. connell: the cyber threats, a new report according to an isp, nigeria as being the worst for spam. dagen: the corporate tax burden in the country. who pays the most? those stories and much more coming up in hour on "markets now." ♪ connell: markets are going back to positive. dagen: who has a greater connection than anyone in the building. connell: good morning, nicole. dagen: good morning, yes, my mother and father were born in cypress, but i want to look here at the averages, a lot stemming from what we heard in cypress, them giving a vote to tax the depositors there, and that, in turn, could really pressure europe overall, that vote takes place tomorrow. the banks closed until thursday. the euro is at a four month low, and people are spooked. i mean, that's really what's occurring here, down 45 points for the dow jones industrials, so that's down
to identity theft, especially during tax season. >> announcer: every year, millions of americans learn all it may take to devastate your life is a little personal information in the wrong hands. your identity needs protection, and no one does it better than lifelock. >> identity thieves steal from everyone. you have to protect yourself. i protect myself with lifelock. >> announcer: lifelock offers the most comprehenve identity theft protection, period. and lifelock ultimate was named "best in detection". lifelock's 24/7 proactive protection alerts you as soon as they detect an attack within their network, before it's too late. lifelock protects your social security number, money, credit, even the equity in your home. while identity theft can't be completely stopped, no one protects you better than lifelock. and lifelock snds behind that with the power of their $1 million service guarantee. you have so much to protect and nothing to lose when you call lifelock right now and try 60 days of identity theft protection risk-free. 60 days risk-free! use promo code: taxrefund. order now and get th
on public servants, wasted money spent in the financial crisis and the only thing is higher taxes. >> there is an oversight of spending tax dollars, we have known that for a while. with the story with school superintendent, national average 162,000 to be a school superintendent but some of these guys are running half a dozen schools, less than a million students, some of them are making 200,000 or more. it is amazing there is no transparency, little oversight for the public servants will scream about the private sector. look to your own backyard. charles: the same ideology that argues about corporate salaries uses that as an excuse to bump up their own salaries. digging a were using to bump up your salaries? connell: thank you, charles, appreciate it. dagen: i am taken mcdonnell. connell: i am connell mcshane. thank you for joining us and this is what is keeping washington up at night. preventing a budget deal from happening. dagen: a big day for bernanke and company. is it time for the central bank to pull back on the bond buying? connell: and the taiwan factory making the recall
to pick up. do not get too excited when all the obamacare taxes kick in next year. i would go into any of the markets like miami. the whole purchase to rent phenomenon, all the investors are jumping in and buying rental properties. the holster is wearing off on that. it did not turn out as good as they thought. look at those cities. vegas, phoenix, anything -- really, the fed induces this massive wild swing in bubbles. they are not sustainable. just watch out. dagen: anthony, it was great to see you. thanks a lot. connell: great to see you, as always. how about starbucks. this is a headline today. helps to explore different farming techniques. a disease called coffee rust. it has been hidden industry pretty hard. dagen: you can see through the pants. lulu lemon pulled some of its yoga pants off store shelves. the company claims the mistake impacts 17%. it was made by a supplier. lulu lemon offering full refunds to customers. they are trying to figure out what exactly happened. it is hard to make up a story this good. shares are down more than 5% today. connell: it is like christmas for
taxes and pay cuts, instead what they did was they taxed bank deposits. they're calling it a tax. a lot of folks are calling it a seizure. here's what's significant. even small depositors below the insurance threshold are going to get hit. the original number for small depositors below 100,000 euros was 6.5%. they're working in parliament right now about shifting that and any other subsequent plan suggests that if you have insured money it will still get hit. what did we see over the week whend this announcement happened on yesterday? runs on the atms at the banks in cypress because they'd shut down the banks as a result of this. they stopped all wire transfers and you also if you tried to take money out they had partitioned out the amount of money that you were supposed to be giveing to the government each though there hasn't been a vote in parliament. why did cypress need a bailout? its banks are bust. the reason the banks in sicypru they bet the greek debt would not be restructured but it was. that's left a lot of them insolvent. the banks in cyprus are huge, eight times the size of
a bank at tax plan. now the risks of bank runs and bank collapses mount in this tiny country. we are about to bring you live report from cyprus. but cyprus may have an ace in the hole. it's called russia. the parliament is going hat in hand to russia to save its financial system in return for ownership of its natural gas resources. so do i have this right? the russian money-laundering thugs can save cyprus and maybe europe and maybe the global financial markets as well? it's a very scary thought. however, here at home, american business leaders speaking in one voice in a new campaign to push pro growth corporate tax reform. i like it. the polls show it. there's too much talk about root canal, dent and budge cutting. we need growth, we need optimism. we need "the kudlow report." it begins right now. >>> first up this evening, let's go live to cnbc chief international correspondent, michelle caruso cabrera who joins us from cyprus with the details. good evening, michelle. >> reporter: good evening, larry. it's been a day of high drama here in cyprus. just a few hours ago, the parli
under $100,000 euros taxed 3% while savers over half a million will see the levy kred to 10%. those above the threshold pay 9.9% tax. the total revenue raised is expected to hold just shy of 6 billion euros. the rescue package is slated to begin today around 1500 cet. in the meantime, we're getting comment out of russia. seen as perhaps the targeted party here, i should say, with regard to some of the deposit taxes that are being pushed through on cipriot banks. for example, putin via spokesman has apparently called the levy, if approved, unfair, unprofessional and dangerous. european markets are in the red across the board as we've seen today. the ftse 100 down almost 1% and the xetra dax better than 1%. the ibex 35 is down 2%, roughly the same amount for the ftse mib. we can tell you that spanish and italian bonds have risen both on banks and for some of the periphery, showing pressure, as well. here is a look at some european banks. a mix there. on the left, you can see spain. banco santander down almost 4% some some cases. unicredit down almost 5%. moving to the french banks, cr
they are trying to figure out how to cut the tax bill by using prior losses, because guess what, they are profitable today, and that savings would allow them to pay back the treasury over $60 billion and almost what they owe them entirely, and given that i asked former hud secretary martinez if we need to wind down fannie and freddie since they are profitable, and he said we do need to restructure, but something stunning to get the government out of the market, and he said that we need judges out of the foreclosure process. >> i think that the way that the 1,000-day wait for foreclosure is not fair to anybody in the system. i would say that a non-judicial system is the way to go, and the states who have a nonjudicial system have done it much more rapidly and better for the marketplace. so we are helping no one really when we retard the opportunity for a recovery, so in my view, a nonjudicial is the way to go and florida should move in that direction. >> and here in new york and new jersey where judges are a part of the process, it would take decades to get through the backlog of
from cyprus and concern about deposits being taxed obviously set off worries on wall street abroad and here at home obviously. sandra: opposite end of the spectrum, jcpenney, the retailers, jcpenney a huge rally today, nicole? >> a couple of reasons. isi group talking about the fact that they might turn into a reit-like entity. oppenheimer talking postively about jcpenney. david: apple, apple, even though the market came down i think apple stayed up about 12 bucks. why are they doing so well on the eve the samsung announcement? >> that is pretty amazing. once the news was out about samsung it took away some uncertainty. apple bucked the trend. sandra: best buy seeing a nice top. that was an up stock on a down day. >> best buy, the last quarter was a great one. they got positive analyst comments as well. jpmorgan initiated coverage with overweight rating. [closing bell rings] david: the bells are ringing. we're not at absolutely postively lowest point of the markets but very close to it as we see a down market. dow jones industrials down 61 points on the beginning of this trading we
and taxes, g.o.p. budget includes repeal of obamacare, which i'm sure the democrats are not going to like. ryan reforms the tax code by bringing it down to two tax brackets. the white house releasing its own budget plan in april, we are back to square one. weave that to ta about. welcome all, great to have you here. here are the numbers that popped out to me in ryan's budget. saving 5 trillion over 10 years, but when you drill down into what is really going on here, government spending, federal government spending is going to increase 3.4% each and every year. it will increase anyway 5%. currently that is the plan. in washington we called tha a cut. if we are supposed to rise by 5%. i am teasing you. the spending goes up every year on this budget, but i think this is a pretty heroic effort on the whole. as you mentioned he does the tax reform, goes after the big boulders of the budget, medicare and medicaid. he h, i like the fact he has gone through the abolitn of obamacare. setting up a huge fight because they willry to pass this out of the house meanwhile a trillion dollars x increase i
about cyprus and what they'r they are doing, thet off this decision to tax or confiscate the bank accounts, but what happens now? how will they please those at the imf and the european union? big questions remain and that is why you see the red arrows. but just squeezing out a gain for now. lauren: investors also applied to the safety of u.s. treasuries today rallied for a third day pushing the yield on the 10-year note to a two-week low. david: without the fed announced what they are going to announce on wednesday. oil closing below $93 per barrel, this is the first fall for crude in four sessions, dropping 1.7% settling at $92.16 per barrel. lauren: and you have to look at the retailer's underperforming the market today especially the key names. american eagle, abercrombie and fitch, all falling greater than 3%. david: the stocks are much the same. rejecting the confiscation of bank accounts but there are things going on here in america that are not as friendly. the chief research officer joining us with a disturbing new report, one that shows the united states is falling behind
? if you are tired of washington's high taxes and big spending here is one way to stick it to the man >> tom: okay, you go first. i'll be right behind you. i have seen a lot of tax protestors and they do put them in prison when they don't pay their taxes. yes, people go to jail. i'll let you fight the battle first. thanks to everybody that contacted the show. keep your comments coming in. tom sullivan show, we're open for business 24/7. check out our facebook page, and then tom sullivan show. there is a lot of tom sullivan show, you can follow me on twitter at sullivan radio and all the things to contact us on the web my main webpage which is tomsullivan.com. thanks for joining us. make sure to tune in to the radio show. listen in through our fox news radio app. download it from itunes. you can hear us online by clicking live button on my main website. we or radio every day from 3:00 to 6:00 p.m. eastern time. we'll have another great show for you to fox business, but in the meantime, i hope to hear you on the radio. lou: good evening, everybody. thank you for joining us. the dow jone
a bank deposit tax. sterling is trading lower as they get ready to set out this year's budget expecting to redirect spending to revive growth and deutsche bank lowers its earnings due to mortgage related lawsuits and/ regulator investigations. >>> plenty still happening as we follow the cyprus story for you and explore just what it means for investors across europe and around the world because the market reaction has been relatively muted if you consider the extraordinary nature of these events. cyprus' president is meeting with party leaders this morning after lawmakers last night unanimously rejected a proposed tax on bank deposits. this was crucial to unlocking a $10 billion bailout. the house speaker said the decision had been made for all europeans. >> this decision of the house of the republic of cyprus is protecting all the people of the countries of the european union and this is the main message i want to send tonight to all european citizens. >> now meanwhile cyprus' finance minister is appealing to moscow for help fresh from his talks with his counterpart this morning. discus
is the disposable income after that payroll tax disappeared? continue negotiating. 82% is a proof of the way congress does its job. joining us now from washington, d.c. is steve moore. senior economics writer at the "wall street journal." will compromise and improve their standing in the eyes of the american people? i highly dow it. >> let me bring you up to date. there is still black smoke coming out of the capital. we still have not seen a senate budget. by 4:00 o'clock or 5:00 o'clock tonight, maybe. hold onto your hats, we make it a set budget. that would be quite a rare occurrence on capitol hill. people are extremely angry about the budget situation. they are extremely angry apple parties because of the accumulation of debt. they do not seem to be doing anything to stop this tsunami of red ink. washington is incomplete disarray. what do we do in november? we reelected 96% of these people. the numbers do not add up. dagen: i completely agree. if you look at the proposals from paul ryan and the senate democrats, where do you think there is room for compromise? >> i have looked through bo
appreciate your reporting on the disastrous tax about obamacare. please keep on reporting the facts from all different angles. we have learned so much from your informative guests as well as you. so nice. thank you. love hearing from you. send me an e-mail. finally tonight, as if we needed another reason not to take a cruise vacation. listen to this. carnival cruise line's ship with 5600 passengers and crew on board is stuck. yes, stuck at a port in statement. the company says the ships emergency diesel generator now -- malfunction yesterday and guess what happened to maquis have heard this before. toilets overflowed. this comes one month after another vessel was disabled by a fire trapping dozens of passengers s.c. for days. now, some of those passengers said they would ticker's again. please raise your hand if you ever want to set foot on a cruise ship. i am not part of that group. that is my "2 cents more." thank you for being with us. it is been agreed met with you here on "the willis report." have a wonderful evening. ♪ lou: good evening, everybody. thank you for being with us. the wi
. the cypriot government says the country's parliament is unlikely to pass legislation which would impose a tax on bank deposits. lawmakers are set to meet and vote on the levy which has been set on a condition of the eu bailout. meanwhi meanwhile, the german finance minister has rushed to the defense of a highly unpopular tax. the move was necessary to keep cyprus from sharing in the burden of a eu bailout. and uncertainty over the outcome of the vote in nicosia continues to weigh on markets. cyprus said its stock exchange will trading until thursday. cypriot banks have been placed on negative watch. carolin roth is reporting now for us. the latest we're hearing is that the vote may not happen today. what can you tell us? >> absolutely. there are a lot of moving parts still, kelly. this is a very fluid situation. the vote is scheduled to happen at 6:00 p.m. local time. there has been no official cancellation on part of the government. but, again, a government spokesperson at the same time also saying that it's very unlikely at this point that the vote will actually go through. that is, of cour
as republicans. smaller government, lower taxes, less spending, rational regulation, open markets, free trade. these are the things that unite as as republicans. it is no surprise to me, lou, that if you take this 60 million people who voted republican for president last year, they're not going to all agree on everything in it would be silly to think that they would. but, there are things that generally unite us, and we need to learn how to work together and push hard for what we know is right. secondly, to understand and not everybody who is a good person or even a good republican is goin to agree with you on everything. heck, my wife doesn't agree with me and everything. lou: you put it that way. in my house i have to say, have to agree with her. republicans have lost to president ections, as you are keenly aware, governor. the vote totals declining over those two elections last year. the spending, astronomical. the republicans -- fighting many people are not aware, republicans actually out raised anoutspend the democratic party. presidt obama. over $1 billion. now, that is, by mimas, gover
spending under control all without raising taxes. as senate depp democrats prepare their own budget plan, can congress and the president reach a bipart san budget compromise any time soon in hampton pearson takes a look. >> house republicans unveiled the blueprint they say balances the federal budget with just spending cuts and no new tax hikes. at the top of the gop list of what's needed to achieve $4.6 trillion in spending cuts over the next decade is to repeal obama care, cut domestic programs from medicaid to college grants and require future medicare patients to bear more of the program's cost. gop budget pointman paul ryan once again throwing down the gauntlet to democrats. >> we don't think it's fair to let critical programs like medicare go bankrupt. we don't think it's fair to take more from hardworking family to spend more on washington. >> the obama white house wafrted little time in criticizing the budget, when it comes to reducing the deficit the math doesn't add up and the middle class will pay the price. >> this is the alternative to balance. it results in unfair tax hikes
because of that deposit tax component. now, the president is currently meeting with the leaders of the political parties. of course, what he's trying to do is to strong arm and to persuade them into voting for that deal because the other alternative, yes, that is bankruptcy for this country, which has only 1 million people and only makes up 0.2% of the entire eurozone. the debate and the vote on that bailout deal will be kicking off in around four hours from now at 4:00 p.m. local time. thou, a lot of uncertainty as to what the outcome of the vote will be, given that nobody has a clear majority. having said that, there is, of course, the chance that some of the lawmakers who have been wavering could have been appeased by the talk that some of the taxes for the smallest depositors could be lowered. now, "the wall street journal" has reported that those deposits between zero is and 100,000 euros could be taxed at only 3% as opposed to 6.75% previously. now, the middle bracket would be 100,000 to 500,000 euros. that could be taxed at 10% and then anything in excess of half a millio
to try to evade this 24% capital gains tax on second houses. >> a great point and one that reminds you of bubbly periods from other markets around the world like the u.s. maybe within the last couple of years and demand is usually a sign that the market is off kilter. thanks very much this morning. >>> and market reaction to that was broadly a sell-off across asia and now turning to russia, president vladimir putin has chosen a woman to be head of the national bank. she served as economy minister from 2008 to 2009 and the first female central banker for a g-8 country. she'll take over from an inflation fighter. it should happen in june. the appointment raised questions about the central bank's independence and concerns kremlin will push for looser policy. we want to know what you think of the measure. is it a significant one for females, for the g-8 or for russia's monetary policy. send us your thoughts here. if you are just joining us, these are your headlines. italy prepares to test bond markets with its first long-term auction since a rating downgrade from fitch. spanish retail gian
taxes. you have probably heard the sequester cuts go after about $44 billion in this fiscal year. let me give you a sense of this. taxes on tobacco and alcohol and gaming, gambling, lotteries, generated together $75 billion compared tough sequester, that taxes are doing a very powerful job. that is, federal, state and and local revenue. two states, two states have legalized the recreational use of marijuana. they are colorado and washington . colorado collects more than $5 million in sales, $5 million in sales from dispensaries, pot dispensaries, marijuana. washington is reportedly collecting some $750,000 in taxes, although they have been having trouble getting dispensaries registered with the state. it is affecting their revenue. pot smokers procrastinating. hard to imagine. well, regarding that $13 billion pornography industry, 13 billion. california is earning about $36 million per year just in revenue from the porn industry. it's worth about a billion dollars overall to the economy, just in southern california. well we are on the subject of sex in addition to the so-called vice taxe
is not just a tax haven for russia, it is the tax haven for russian millionaires and billionaires. russia has invested $119 billion, that's with a "brks" in cyprus in 2011 alone. that's by far the largest recipient of russian investments in the world. equal amount of investment came back to russia from cyprus. funny how that works. russian investment is five times the total economic output for cyprus. russians account for $20 billion of total bank deposits or, tyler, as you mentioned, more than a third among the top russians in cyprus is the fert cider magnet now the biggest shareholder in the bank of cyprus. he has a lot of money in u.s. real estate as well. he brought donald trump's mansion and his daughter bout an apartment in sandy well. and alexander bought avraz steel. the mystery to me is why these wealthy russians kept so much money in cyprus when they knew the banks were in trouble. one reason is that there are fewer choices. if you look around the world, governments arie cracking down n tax evasion and money laundering. they're all complying with global capitalist. even with this 10
to be? the monopoly man smoking a cigar? let's take a look at the euro. parliament voting to tax -- to not tax bank deposits. that's the latest word. a very fluid situation. much more on "closing bell" next. >> thanks very much for watching "street signs." stick with us. see you at the same time tomorrow. >>> hi, everybody. good afternoon. welcome to the "closing bell." i'm maria bartiromo at the new york stock exchange. the dow and the s&p 500 threatening to do something we haven't done all year. decline for three days in a row. >> shall we panic? i don't know what to do. i'm bill griffeth. stocks are lower. they've been lower all day. we've had just in the last few minutes here, to see if parliament rejected that one-time tax on bank deposits, which was a condition of its bailout plan. now investors are concerned maybe a default by cypress could intensify the euro zone's debt crisis. >> morgan stanley's adam parker, who had been negative says, no, no, no, i'm going to raise targets. in fact, one of the biggest bears turning bullish. why this market still has plenty of room to r
industry takes a hit with higher taxes and more americans quitting is investing too much to risk? we have robert gray off. >> good afternoon. fewer americans are smoking all the 19 percent are smokers and the price of cigarettes have more than doubled. see may not expect to see that over the past decade decade, the big tobacco producers philip morris -- will morris here in the u.s. and others outdistance the s&p 500 when they reinvest the dividends and one statistic to jump out come over the past five decades is a paltry a group take a look returning almost 20% per year. 840,255% thank you to s&p four crunching the data. there are a lot of risks involved their steady dividend payers but bell have fairly large debt loads we know about litigation risk and regulation and we will talk about that the next hour with a face is in california. back to you. melissa: what is business without wings? we have the efforts of expanding the hooters brand spirits this is what a down day looks like. back at the new york stock exchange down 40 points. lori: carnival faces another problem with one of the ship
: that companies from lost tax revenue because the economy is smaller? is that where you're getting the number from. >> yes. a mere 1% growth loss over time is huge impact on the economy and our ability to pay our bills. melissa: now you say this testimony is empirical. that is right in front of us and quantitative and not sub executive and people have to pay attention to that. that is not the case when you present it to the democrats and the president. they say cutting back on spending now would damage growth and the economy and cost us jobs in the short term. how do you respond to that? >> well, basically what the witnesses today said, for the most part, is that congress and the white house is making progress on discretionary spending, more can be done. but they really felt, the focus needs to be on how we make social security, medicare, medicaid, solvent over the long time. there was one other area of treatment. asked, given the obamacare taxes that have kicked in, the new taxes from the fiscal cliff, absent fundamental tax reform, would raising taxes again be helpful to our economy? no one agre
to tax bank deposits really royile the markets first thing this morn ing. cyprus? really. jane wells has been asking exactly that question on tw twitter. >> cyprus has a gross domestic product of $24 million. who are these people? we learned they really have a great sense of humor. one ad company parodied new york state of mind with state of mind. ♪ there's no toilets round, just a big hole in the ground ♪ >> see the whole hilarious video on my blog. how did one potential bank tax on an island give everybody a market wedgejy? i asked, it's like fill in the blank. here's responses. it's like a 20 buck battery grounding entire 787 fleet. an unpruned tree in ohio taking down the entire northeastern power grid. like a kim kardashian marriage. only lasts a short while and utterly meaningless. bloomberg banning large sodas. sailing a carnival ship and expecting to make it home. like me giving a rip about honey boo boo's next show. >> i love all of those. >> i liked them all till the last one. jane wells has clearly not redneckognized that's a hot show. >> when you have to subtitle white pe
the president welcomedded tax reform, a bipartisan effort on corporate tax reform in >> i'm not, he made hints about it before. it's some of the areas he and mitt romney had overlap. the president seemed open to corporate tax reform in the past. what we have not had from the president is anything in the way of specifics. if yao the president of the united states, and you want to actually orer in a -- usher in a series of reforms, whether it's taxes or entitlements, get out and make your case to the american public by giving us specifics, tells us exactly what you want to do. think until we do, we should be skeptical. gerri: what john boehner said in an op-ed quoting all the bipartisan discussions are encouraging, but presidential leadership is needed and shifting from charm to courage and action we can guarantee the children a future where everyone has a chance to find work and pursue their piece of the american dream. it's about leadership at the end of the day, isn't it? >> yeah, i mean, i think that's right, and this is -- the president has not done this, and not only that, but when he's ha
committee. hers doesn't balance the budget, but reduces the deficit over a ten-year period, using both tax increases and spending cuts. and she said it's up to the american people to pick an approach. >> they will let us know whether they want us to go back down the path of the trickle down policies that decimated the middle class and threw our economy into a tailspin, or if they would prefer the approach we've seen has worked before. tackle our deficit responsibly, reinvest in our middle class, build a strong foundation for growth, and restore the promise. >> but, of course, appealing to public opinion is part of the outside game, and that's only one aspect of this fight. there's also the inside game, because president obama went up to the hill today to continue his outreach to members of congress. he spoke to the house republican caucus. afterwards, speaker john boehner did announce a breakthrough, but he indicated it was a productive meeting. >> today was a good start. and i hope that these kinds of discussions can continue, even though we have very real differences. our job is to find
closely in the tax realm. we'll see whether or not they have earnings. [closing bell rings] david: best buy up another 5%. that stock can not be denied. as you her the bells are ringing on wall street. looks like the indexes are going to keep essentially where they were before and after ben bernanke began to talk. looked like they were sliding a bit. they stopped that slide. trading this the 50 to 60-point range on the dow. the s&p is doing better percentagewise. nasdaq is doing well. russell 2000, small and mid-sized caps doing well. there are interesting company stories and sector stories as well, lauren. lauren: homebuilders are one of the sectors. among the best performers today on better-than-expected earnings from lennar. lennar as well as d.r. horton hitting new 52-week highs today. david: sort of a bellwether of the economy, what the economy is doing here and as well overseas caterpillar was the worst performer on the dow. it was only down less than 2%. it did drag down the dow from what it could have been. the company is reporting dealer sales, get this, in the asian region dro
. it is a comprehensiv budget that balances in ten years and doesn't increase anyone's taxes. that will be two important points that the democrats i don't think tomorrow will be able to say. i don't thi their budgets is ever going to balance, when they have ever done one it hasn't. from what we're hearing on your station and other stations, they're going to raise taxes to the hilt to try to do it. so that is not really a solution. what we're after --. melissa: does it balance in ten years if you don't get rid of obamacare? >> it will takeonger to balance. but the point is, is that we're honest about the spending that needs to be cut and actually the programs that need to be reformed. obamacare goes the other way. yes,ou're right, melissa, it is the law but doest mean you give up on your principles. doesn't mean you give up on the fight to try to correct the danger that this law constitutional or not, poses to the future generations of this country, melissa. that's the point. melissa: part of your plan calls for tax reform. it is a two bracket code. >> yeah. melissa: the lower bound bracket is 10%. the l
meltdown. the parliament rejected an unprecedented tax on bank deposits. that was a key part of the eu bailout terms. the finance minister is in moscow today with mounting speculation that russia could step in with a safety plan to safeguard russian deposits in cyprus. steve sedgwick is in moscow where he caught up with the finance minister there an hour or so ago. steve? >> they turned to russians once again. there's a loan on the table from russians dating back from 2011 so it's not the exception to it the rule for the cypriots to turn to the russians. the russians themselves are indignant they weren't brought into talks. let's hear what he had to say earlier on about the state of the current talks. >> first meeting very constructive. very honest discussion. we underscored how difficult the situation is and we'll now continue our discussions to find a solution by which we hope we will get some support from russia. >> in terms of that support, are we talking about a change of terms for the current existing 2.5 billion euro loan and an extension of 5 billion loan in addition to that? >
't love racing taxes just for the sake of raising taxes. we do so in the service of creating a fairer tax code, funding investments for the future and in the service of a balanced approach to deficit reduction. if you take out the deficit reduction concerns and lord knows that any sort of inve investment spending right now is not going to pass muster with the house republicans, you're left with the fairness motive. a more just system would certainly be nice, does it offset the injustice of cutting benefits to folks who rely on social security? to scuttle a brand bargain deal, though, democrats need some sort of political cover. hmm. if only some republican would put out a really toxic, extreme, ideological plan that democrats could point to as continuing republican intransigence, they could walk away with not political consequence. you know, i think i know just the guy. all right. that does it for us here at "the cycle." martin bashir, all yours. >>> good afternoon, it's thursday march the 14th. who needs compromise on capitol hill when cpac is just a few miles up the road? >> was there a
a budget proposal yesterday. without adding additional taxes. expected to release proposal soon. with it may come nearly a trillion dollars in additional taxes for americans. joining me now is congressman of chicago. congressman, talk to me first about the democrats plan. we are reading it could include another trillion dollars in tax increases. is that true? >> i think it will be a balanced plan. when you look at what we have done already and we have done about 2.5 trillion in deficit reduction, it has been far more waited. this will continue to have a balanced program going forward. it is a bit of a retread to what they did before the last race. melissa: they will have to be reconciled. let's talk about adding more revenues or tax increases. do you think they can really handle more given this economy? >> i think we can get rid of the special interest tax loopholes. melissa: are you talking about changing to ordinary income? that $21 billion makes a lot of difference. it may make a difference whether we have a medicaid program that can help meet the needs of the people falling
in response to cypress' plan for a deposit tax. now it seems like we're shrugging off those headlines. now, shares of hewlett-packard and verizon are helping the dow recover some grounds after upgrades from morgan stanley. verizon actually hitting more than an 11.5-year high today. there's the stock, up 87 cents, 48.89, as you can see on your screen. we're not getting any help from financials today. it's the worst performing sector following suit with some of these european banking counterparts. check out some of these euro financial names that are actually trading here in this country. they're getting knocked down. royal bank of scotland, create suisse, deutsche bank, ubs, war clays, all -- barclays, all of these stocks substantially lower in this country. s&p 500, we are still within striking distance of the record high despite moving lower today, the s&p down more than almost five points as you can see on your screen. is it going to happen this week? are we going to get that big number? we're looking for 1565.15. so close. as always. let's get right to our floor show. we've got traders
and the latest deposit tax scheme. happy anniversary, apple dividend and it was a year ago when the tech giant announced its dividend in 17 years. will apple succumb to the bigger payout as it faces stiffer competition from samsung. lululemon doing the downward facing dog with the transparency with the iconic black yoga pants prompting the retailer to cut sales guidance and boeing clinches an order from ryanair. of course, we begin with the markets. the dow and the s&p 500 hoping to avoid their first three-day losing streak of the year. wall street will be paying close attention in about three hours from now. that country's parliament scheduled to vote on a proposed tax on bank deposits and the controversial measure appears set to go down in defeat. here in the u.s., policymakers begin a two-day meeting in which they're expected to hold current policy. this is one of the meetings where we will get a press conference and people will be hanging on every word and every use of every adjective coming out of the fed chairman's mouth. are you expecting anything? >> i think that, frankly, we are looki
billion. >>> a new report shows three of the four companies paying the most in corporate income tax are based out here in the bay area. fourth on the list is wells fargo which paid did the 9.1 billion in income tax. apple ranked third, paying more than 14 billion and chevron in san ramon paid $20 billion in income tax last year. that puts it second overall, the biggest rival of texas topped the list and paid $31 billion. >>> the chp investigates whether reckless driving may have led to last night's fiery crash in walnut creek that killed a motorcyclist. it happened on 680 south of rudgear road around 6:00 p.m. the crash involved four cars, one of which burst into flames. witnesses say the motorcycle and another vehicle appear to be driving recklessly before that crash. services are scheduled today for the three people killed in a daly city crash earlier this month. a viewing is scheduled for 50- year-old yosefa acevado and her 23 and 15-year-old sons. funeral services are scheduled tomorrow. police say the family was pulling out of their driveway when their car was hit by 23- year-o
-term spending cuts continues. >> republicans and democrats in washington are still fighting over taxes and spending but they've agreed to keep the fight under control. house already passed a bill to keep the government running past the end of this month. now the senate is preparing to do the same thing and there, the two parties aren't far apart on the details. >> we've con ens didded the number of amendments being talked about seriously. i commend them and their staff through all of their efforts. >> i spoke with them this morning. they've yet to reach an agreement. >> but the gap remains huge for a long-term plan for bringing government spending and revenue inline. >> they'll reduce the entitlement programs but only if republicans agree to tax hikes and jepd speaker john boehner said the house's answer to that is no. >> the president got his tax heights on january 1st. the talk about raising revenue is over. it's time to deal with the spending problem. >> the two chambers have a way of talking about their differences, not with president obama but on each other. work on the contrastin
paying the most in corporate income tax are based out here in the bay area. fourth on the list is wells fargo which paid did the 9.1 billion in income tax. apple ranked third, paying more than 14 billion and chevron in san ramon paid $20 billion in income tax last year. that puts it second overall, the biggest rival of texas topped the list and paid $31 billion. >>> the chp investigates whether reckless driving may have led to last night's fiery crash in walnut creek that killed a motorcyclist. it happened on 680 south of rudgear road around 6:00 p.m. the crash involved four cars, one of which burst into flames. witnesses say the motorcycle and another vehicle appear to be driving recklessly before that crash. services are scheduled today for the three people killed in a daly city crash earlier this month. a viewing is scheduled for 50- year-old yosefa acevado and her 23 and 15-year-old sons. funeral services are scheduled tomorrow. police say the family was pulling out of their driveway when their car was hit by 23- year-old dennis macedo. po
these days and so conditioned that the only thing that matters is tax policy even if taxes were so much higher in that roaring bull market that we're scared of their own shadows and they were hated or shunned by people who talk about it. case in point, retail sales. this morning it came out and they were terrific. you should not be shocked if you watch this show that we had the best retail numbers in five months, hardly a month goes by, and stores are telling me over and over again that the things are very strong and the thesis-mongering bears talk about gasoline is expensive and the expiration of the payroll tax holiday is devastating. the sequester is devastating, too. it is true that going over the fiscal cliff could have been horrendous and it destroyed confidence, but it certainly cured that. ever since then, the economy is better than anyone seems to want to talk about. we hear talk that it isn't. those bears endlessly drummed these negatives into our heads and they're thumb-sucking theorists. they're not schooled in the real world of companies as . they don't look bottoms up and
as they did in the emerging markets, the future tax liability, whatever. they buried in the litigation. melissa: and it is not compelling to you and all that the customers are addicted to their product. >> that is the only compelling thing about them. customers are addicted to starbucks and it does not have the reliability going forward. there are better addiction's out there. melissa: before you keep going, response to that this is the debate we're having all day. >> it's funny. i like him a lot. but the only thing that is holding it up. addiction is addiction. you guys know. walk outside and people are still smoking rather heavily. philip morris is making a lot of money of the cigarettes. the price is high because of taxes, but that is still a big profit center. melissa: okay. so you don't like that. what do you like? >> i do think there has been a problem in the economy where the lower end of the economy has not been able to travel in a gamble. and overbuilding. mgm, las vegas has not come back folia from the recession. more of a direct play on that verses the other stocks that don'
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